Taylor Swift’s 6 Toronto shows expected to bring $282M economic boost

Taylor Swift‘s highly anticipated Eras Tour is expected to bring in a $282-million economic boost during her six performances in Toronto this November.

According to an estimation conducted by Destination Toronto, the direct spending on her performances will be more than $152 million — with $141 million of that coming from out-of-town visitors.

Swift’s shows, set between Nov. 14 and 23, are not only a sign of growth in the entertainment sector but will also greatly boost the city’s economy, Destination Toronto said.

“Whether it’s concerts like Taylor Swift, international meetings and conventions, or annual festivals like TIFF, these events draw visitor spending that positively impacts our local economy and a wide range of businesses and jobs,” said Andrew Weir, CEO and president of Destination Toronto, in a news release.

Out-of-town visitors will account for around 93 per cent of direct spending, while local attendees will contribute another $11 million, it added. The pop star’s performances are also expected to generate nearly $40 million in tax revenue across all levels of government.

The Eras Tour will provide some economic relief in the tourism and hospitality industry as well. It comes at a critical time, where the economy sits at a quieter peak as business travel winds down and holiday leisure is yet to ramp up, Destination Toronto said.

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Hotel bookings for the concert dates in November are already up by 83 per cent compared with the same period last year in downtown Toronto.

The Bisha Hotel, located in the core of downtown, has also found a way to capitalize off the demand, transforming one of its suites into a “Swifties’ delight” for $1,500 a night.

This increased demand is not isolated to the downtown core as hotels citywide are pacing ahead by nearly 36 per cent, Destination Toronto said.

“These economic impact numbers show that Taylor Swift and the Eras Tour will have an enormously positive and significant economic impact on Toronto and our local economy,” Mayor Olivia Chow said in the release.

“We’re excited to welcome another major event this November that will contribute millions of dollars in direct spending and support local businesses and jobs.”

Approximately 240,000 concertgoers are expected to attend the Eras Tour shows and more than 60,000 are expected to attend the “Taylgate” pre-concert event at the Metro Toronto Convention Centre. In addition to Taylgate, many other Taylor Swift events will be taking place across the city, which will contribute to visitor spending.

As popularity for Taylor Swift events soar, demand has driven ticket costs to hundreds and even thousands of dollars.

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Concert tickets and airfare aren’t included in Destination Toronto’s estimations, which show the increase in revenue generated from hotels, dining, shopping, entertainment, local transportation and Taylgate ticket prices.

Rogers, the presenting sponsor of the Eras Tour, says it’s part of the company’s larger commitment to reinvest 90 per cent of its profits back into Canada.

“We’re thrilled to help bring significant economic benefit to Toronto” said Tony Staffieri, president and CEO of Rogers.

In 2023, the city generated $8.4 billion in visitor spending, highlighting the importance of hosting major events like these.

With Swift’s Eras Tour set to take over the entertainment industry during her performances, the city is ready to capitalize on the economic impacts that come with hosting significant events.

&© 2024 Global News, a division of Corus Entertainment Inc.